Ivanhoe Energy says to triple spend on drill plan
3/29/2004 9:38:40 AM
(In U.S. dollars)
CBS MARKETWATCH TOP NEWS
Kerry set to attack Bush energy policy
U.S. stocks end higher as Dow leaps triple digits
Cheney, Kerry spar on tax cuts
Judge declines mistrial for Tyco ex-CEO Kozlowski
Key yield closes at March 4 high on Japan demand doubts
Sign up for FREE e-Newsletters
TRACK THESE TOPICS
My Portfolio Alerts
Company: Ivanhoe Energy Inc Add
Create
Get Breaking News sent directly to your inbox
Create A Portfolio | Create An Alert
TORONTO, March 29 (Reuters) - Ivanhoe Energy Inc. (CA:IE) (IVAN) said on Monday it will more than triple its 2004 spending to participate in drilling 65 wells in the United States and China.
The Vancouver-based company said in a statement it will spend $52 million on the wells in 2004, compared to the $14.6 million it spent in 2003.
"We expect that the 2004 program will substantially increase our daily production of oil and gas by year end, generate recurring cash flow and add value to the company," said Ivanhoe Chairman David Martin.
The program will be funded by the company's equity financings, funding agreements with third parties, and by internally generated cash, he said.
Three of the wells have already been drilled, while 62 wells are new and will be drilled this year.
The small company is known for exploration and production, oil development ventures with national oil companies and research into fuel production from natural gas.
($1=$1.32 Canadian)
© Reuters 2004. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world
واللي فهمته انهم متوقعيت ارباح ثلاث اضعاف في 2004 عن سنة 2003
